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Real Estate Investors Get Nevada Supreme Court Boost

Real estate investors in Las Vegas who have been picking up foreclosed property for pennies on the dollar claimed a victory with a Nevada Supreme Court ruling Thursday. The high court ruled that that a super priority lien held by a homeowners association can extinguish a first deed of trust on a property.

The state Supreme Court overturned a Clark County District Court decision and ruled in favor of the investors called SFR Investments Pool 1. The justices agreed with their argument that a foreclosure on a home held by the Southern Highlands Community Association in 2012 wiped out a debt of $885,000 on the property that had been held by U.S. Bank as a first deed of trust.
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Jay Bartos joined Nevada Public Radio in 1993 to develop and manage the state’s first radio reading service for people unable to use standard printed material due to blindness or another disability. After the reading service was discontinued in 2011, he became the afternoon host on KNPR for ten years. Jay can now be heard on air on News 88.9 KNPR and Classical 89.7 KCNV throughout the week.